Story on First PACE Loan Recipients Widely Covered by Maine Media

A number of news organizations covered an Efficiency Maine story about the first Maine PACE Loan recipients that are using their loan proceeds to weatherize their home.

Michael and Jody Herbert are the first Maine homeowners to apply for a Maine PACE Loan, and are using their loan proceeds to weatherize their home at 86 Mechanic Street in Rockland. Evergreen Home Performance, a Rockland-based company specializing in weatherization and energy efficiency, are weatherizing the home.

Just weeks after Efficiency Maine launched its Maine PACE Loan program, loan recipients are beginning to receive funds to make energy efficiency upgrades to their homes – hoping to get a jump on controlling next winter’s high energy costs.

PACE Loans allow eligible homeowners to borrow up to $15,000 over 15 years at 4.99% for energy upgrades that generate enough savings on heating bills to pay back the loans. Unlike ordinary loans, PACE loans are transferable with the property if it is sold.

The story was covered by WCSH, WLBZ, MPBN, The Bangor Daily News, and other media. Below are links to some of the coverage.

WCSH Coverage

The Maine PACE Loan program was seeded by a $30 million American Recovery and Reinvestment ACT (AARA) grant from the U.S. Department of Energy. In 2009, Efficiency Maine won a competitive grant to capitalize, administer, and market the loans.